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Castleton Seizes Anadarko Petroleum’s East Texas Play For $1 Billion

Castleton Commodities International LLC said Nov. 18 it will buy Anadarko Petroleum Corp.’s (NYSE: APC) Carthage assets on the eastern border of Texas in a deal valued at more than $1 billion.

The company isn’t stopping there, saying more acquisitions are possible in East Texas.

Anadarko disclosed Oct. 31 that it is divesting the Carthage assets and related production of 40,000 barrels of oil equivalent per day (Mboe/d) in the third quarter of 2016, most of which is natural gas. Anadarko’s production mix on the asset is 72% gas, 25% NGL and 3% oil.

With the deal, CCI’s East Texas leasehold will increase to 160,000 net acres and bring its net production to more than 320 million cubic feet equivalent per day (MMcfe/d), the company said.